Bitcoin
BTC$17 058.33

0.06%

Ethereum
ETH$1 266.25

0.01%

Tether
USDT$1.000063

0%

Binance Coin
BNB$289.87

0.04%

USD Coin
USDC$0.999979

0%

Binance USD
BUSD$1.000081

-0.05%

The third wave of a crypto bear market


29 Aug 2022

#Solana

Bitcoin is down 7.3% over the past week, falling below $20,000 at the start of the day on Monday. Ethereum lost 9.2% to $1450, while top altcoins fell from 5% (Cardano) to 15.7% (Solana). Total crypto market capitalisation, according to CoinMarketCap, is down 6.6% for the week, to $952bn. The total capitalisation graph suggests that the bear market is not yet over. The Crypto market will finally confirm this hypothesis if the crypto market falls below the lows of June, meaning it is worth less than $800bn. Until then, we can only talk about the ongoing battle for a trillion.

The Cryptocurrency Fear and Greed Index was down to 24 points by Monday, down from 29 a week earlier. It is back in extreme fear territory.

The end of last week asserted Bitcoin's leading role as a risk demand indicator when stock indices dropped sharply on Friday. It is worth noting that since the second half of August, Bitcoin has been "going down the ladder" roughly as it did in April and May, albeit in less broad steps.

Bitcoin is down 7.3% over the past week, falling below $20,000 at the start of the day on Monday

News background

The Central Bank of India (RBI) has warned citizens against investing in digital assets, pointing to the risks of a crypto market crash that could leave private investors at risk of losing money. Authorities in India raided the offices of bitcoin exchange CoinSwitch, accused of violating currency regulations.

Another algorithmic stablecoin has lost its peg to the US dollar - it is Neutrino USD (USDN) on the Waves blockchain. The US Securities and Exchange Commission (SEC) has postponed its decision on VanEck's spot bitcoin ETF until October. The regulator was originally due to finalise its review on 27 August.

51% of bitcoin trading volume on centralised cryptocurrency exchanges is bogus and doesn't have economic sense, Forbes analysts have found after examining the trading activity of 157 crypto platforms. Contrary to rumours, Mt. Gox trustee Nobuyuki Kobayashi has not proceeded with the distribution of funds, one of the bankrupt crypto-exchanges creditors said. Some have cited potential payments to creditors as one of the reasons for BTC's recent decline.

Total crypto market capitalisation, according to CoinMarketCap, is down 6.6% for the week, to $952bn

Triple-A says the number of cryptocurrency users worldwide has reached 320 million, or 4.2% of the total population. The US remains the leader in cryptocurrency users, with 46 million (13.74%).


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 84.4% 17 $17 058.33 0.06% 0.44% $327 969 673 009 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 80.4% 28 $1 266.25 0.01% -0.56% $154 956 271 042 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.6% 1 $1.000063 0% 0.04% $65 689 347 584 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 78.4% 44 $289.87 0.04% -4.43% $46 370 691 955 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 94% 1 $0.999979 0% -0.02% $43 034 372 975 USDC 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $1.000081 -0.05% -0.07% $22 101 869 687 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 85.2% 29 $0.386677 -0.35% -4.46% $19 434 565 003 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 66% 73 $0.100260 -1.98% -7.15% $13 301 634 924 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 83.2% 30 $0.318080 -0.75% 0.25% $10 960 804 759 ADA 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 91.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 71.6% 52 $0.913880 -0.11% 4.95% $7 982 115 948 MATIC 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 78% 37 $5.48 -0.37% 0.45% $6 269 169 724 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 95.2% 1 $0.999497 -0.03% -0.06% $5 875 589 658 DAI 7 days price change
14 Litecoin (LTC) LTC Litecoin predictions 61.6% 85 $79.71 -1.79% 0.97% $5 720 814 160 LTC 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 84.4% 30 $0.053431 0.36% -1.20% $5 432 662 792 WTRX 7 days price change

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